<p>I'm doing ED for a school but how will i be able to know that i can afford it? This sounds silly but it is a serious question. </p>
<p>What if i get in but the school does not offer me enough financial aid? The college i'm doing ED for is need-blind.</p>
<p>Thanks.
I need some clearing up with this issue before i send in my ED application.</p>
<p>They’re need blind, but do they meet 100% of need? Have you read their financial aid info to see what their typical package looks like? Can your family pay it’s EFC?</p>
<p>The college is need blind…this means that they don’t consider your financial need when they consider your application for admission. It has NOTHING TO DO with the awarding of financial aid.</p>
<p>Does your ED college guarantee to meet the full need of accepted students…and what IS your need? Have you taken the time to run your family income/assets/information through one of the online calculators (use the IM…institutional methodology) to get some sort of guestimate of what your family MIGHT be minimally asked to pay?</p>
<p>Here is the deal…you need to try to figure out if you will be able to afford this ED school should you get accepted. Here is the rub…you WILL get a financial aid estimated award with your ED acceptance (if you get accepted…and you completed the financial aid application forms) and based on that you WILL be expected to either accept or not accept the admissions offer. You will NOT be able to compare the award at you ED school with any other. It might be that the ED award is not enough to attend the school…but it also might be the best award you receive. You will never know because you can’t compare.</p>
<p>Have you discussed the finances of paying for this ED school with your family? Need based aid is largely based on your family’s income and assets. Are you low income?</p>
<p>EDIT…ok…just checked…OP is applying to Bryn Mawr. I’m not sure if they are need blind or not…but, they do meet full need for accepted students. So the big question here is…does this student’s family HAVE financial need?</p>
<p>I’m applying to Bryn Mawr. After a bit of research, i found out that it is “need-sensitive” instead of need-blind. I’m slightly confused as to what’s the difference. </p>
<p>In 2007 - 2008, The College supported 56% of the undergraduate students with grant assistance, demonstrating substantial commitment to financial aid. While Bryn Mawr College is need-sensitive, the admissions committee does not have access to a students finances when determining her eligibility for admission. Once admissibility is determined, funds are distributed until the financial aid budget has been exhausted. If there are places remaining to be filled in the class, a students eligibility for aid may have to be taken into account.</p>
<p>It sounds like Bryn Mawr doesn’t take need into consideration for admissions until later in the process than ED.</p>
<p>They do meet full need of accepted students. So…the question remains…does your family have financial need and are they able and willing to pay their family contribution? Need based aid is based on your family’s income and assets. So if your family has high income and assets are high, you won’t qualify for as much aid…in other words, your family will be expected to pay more.</p>
<p>Have you discussed the college costs with your family? I would advise doing so BEFORE you submit that application ED.</p>
<p>Also, you will need to complete the Profile (check the school website for the date deadline for ED 2) and also the FAFSA (not until Jan 1). If your parents happen to be divorced, I believe Bryn Mawr requires the non-custodial parent form also.</p>
<p>The MOST important thing to find out is if your parents are able and willing to pay their calculated family contribution. You will NOT receive financial aid to cover your calculated family contribution.</p>
<p>Is there a site you would recommend to calculate EFC?</p>
<p>The average financial aid package for first time,
full-time freshman during 2010-2011 was
$35,153.</p>
<p>The average “need-based” grant award for
first-time, full-time freshman during 2010-2011
was $29,807.</p>
<p>Thank you so much for all your help so far.
How do i know what my calculated family contribution is? I’ve talked to my parents about college costs briefly. They are willing to pay the expected family contribution. What else should i speak about with them financially wise? My family does have financial need and low income. I took all my SATs and subject tests with fee waivers.</p>
<p>Email Bryn Mawr’s financial office. I arranged a meeting with a financial rep at my ED school before I applied and it was very helpful. </p>
<p>Word to the wise: Don’t put “how is the financial things delt with?” in your email. You should probably write “How are the financial things dealt with?”</p>
<p>Best of luck!</p>
<p>haha, i know. I was in a rush.
Thanks!</p>
<p>
</p>
<p>The above is from the Bryn Mawr website. You should go there (financial aid Bryn Mawr)…and make sure you adhere well to the deadlines. You do NOT want to risk not getting aid because you miss a deadline.</p>
<p>I’m not very good at posting links on this site but I believe on the main page, if you look on the left column there is an online calculator you can use to estimate.</p>
<p>Custodial and noncustodial PROFILE due by January 1, 2011</p>
<p>Is that the CSS profile? My parents are married so i only fill out the custodial one?</p>
<p>If your parents are married, the financial information for BOTH of them will go on one Profile form. You don’t have to worry about the non-custodial parent form.</p>
<p>Yes and yes. It’s the CSS Profile and there would only be one since there is only one set of parents.</p>
<p>okay! there seems to be no online calculator on the site itself but it does link me to sites like collegeboard, studentaid.ed.gov, and aessuccess.</p>
<p>the CSS profile is due by January 1st but my parents just told me that 2010 income tax forms aren’t in until the middle of January. What should i do?</p>
<p>You fill out the Profile with approximate data (like your parents end of year pay check). You can update the information once the taxes are finalized.</p>
<p>You should submit the forms using the BEST estimates you can. Your parents can use their most recent pay stubs to determine year to date pay and taxes. Your assets are reported the day of the filing of the Profile/Fafsa forms. The important thing is that you make sure that your estimates are as accurate as possible. Your parents can use their 2009 tax returns as a guideline if there hasn’t really been a significant change. Just remember that your estimated financial aid award will only be as accurate as what you put on the forms.</p>
<p>SO…you file with estimates. </p>
<p>For the Profile, file with the estimates. Then contact the SCHOOL to find out how they want the info updated. Many schools have you send in a paper copy of your submitted Profile (so make sure you print out a copy) with hand written corrections. Something in my little brain says that Bryn Mawr uses the IDOC service…if that is the case, they will tell you where to send supporting documentation, what to send and WHEN to send it. </p>
<p>For the FAFSA, you will file on Jan 1 using your BEST estimates. Your filing status will be “will file” meaning you will be filing taxes but have not yet done so. Submit the form. Then get your taxes done ASAP and go back into the FAFSA website and amend that FAFSA making changes to reflect your 2010 tax return. You do not change anything BUT the things that change because of your tax return numbers.</p>
<p>This is the year you and your family want to get their taxes completed as soon as possible after Feb 1 when all of the documentation should be in your hands to do so. DO NOT delay doing your taxes until April…that is simply too late for the schools to get you an accurate and finalized financial aid award.</p>